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India Central Bank Prohibits Sales Of Gold Coins
Two weeks ago, with its current account getting crushed by relentless gold imports, India's finance minister Chidambaram literally begged the people to stop buying gold. Judging by the popular response, the ongoing physical shortage, and last night's increase in Indian gold import duties from 6% to 8%, appealing to people's feeling when it comes to the choice of fiat vs physical, has failed miserably. So the FinMin Chidambaram has decided to escalate. Per Reuters: "The Reserve Bank of India has advised banks against selling gold coins to retail customers, Finance Minister P. Chidambaram said on Thursday, a day after he raised gold import duty to try to ease pressure on India's bloated current account deficit." Well, if there ever was one sure way to send demand for any product through the roof (guns, ammo, etc), it is for the government to prohibit its outright sale. What follows next, almost without fail, is a panicked, chaotic buying scramble.
Gold imports by India, the world's biggest buyer of bullion, surged to
162 tonnes in May -- more than twice the monthly average in the record
year of 2011.
"I think the Reserve Bank has advised banks that they should not sell gold coins," said Chidambaram, while speaking at an event in Mumbai.
Chidambaram also urged banks to advise their customers not to invest in gold.
Why? If it is not clear by now, here is the explanation: there is simply not enough gold to satisfy demand at the current artificially downward-manipulated price, no matter what propaganda script is being spun on Verizon TV at any given moment. And with India's idiotic decree, even more gold will be purchased at these prices.
Dear India - here is a simple way to limit demand: price.
Petition the central banks to allow gold to price based on price discovery, or as it is also known supply and demand. Because if gold were to cost $2000,$5000, $10,000/oz then all problems resulting from excess demand would immediately disappear and India's current account would be back to normal.
Of course this will not happen, as the crumbling facade of the imploding fiath based regime would immediately peel away. So back to gold capital controls and other ad hoc made-up measures guaranteed to not only fail but push the price of physical gold much higher.
Good luck.
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HAHA the wheels are coming off the cart. I love it!
Wake me when they prohibit sales of gold shirts.
Poor Reserve bankers......gonna lose the shirts off their backs.
It's just making me sick with worry!
Oh, now I get the WGC pressure upon India. They want the gold remonitized by keeping it all in the banks, LOL.
This should end well.
Indian goldbugz were warned. But they refused to listen. This is a prelude of the backlash that is going to occur against golbugz and anti-government loonies across the world. Your time is coming.
LOL - too bad you have no concept of economics. This is how gold rockets...
What this is telling me is that the Rupee is about to get hit hard..very hard
Golly gee wiz, they sure's makin' one hell of a racket 'bout some traditional worthless barbaric relic nobody wants.
Just jabbing the bull before he busts out of the gate.
Pitty the Indian central banker on his back.
This whole charade kinda got me wonderin'...
~~~
OK...
- If the 'slave' Israelites escaped from Ramuses II into the desert [following Moses]...
- Then ~ next thing you know they're parked under Mt. Sinai while Moses is up there talking to burning trees...
- & in their boredom, decide to hammer out 'golden calves' to worship... & later, an 'ARK'...
Where the hell did 'SLAVES' get all the gold in the first place?
~~~
Maybe 'Meth Man' was right... It only costs $5 to dig it out of the groud... It's EVERYWHERE!
Zzzz....
"I think the Reserve Bank has advised banks that they should not sell gold coins," said Chidambaram, while speaking at an event in Mumbai.
The Reserve Bank is right my Indians friends... DON"T buy gold coins... it's actually quite silly really....
BARS!!!... buy GOLD BARS!!!
Quickly now... there is no time to watse!!!...
Indian goldbugz were warned. But they refused to listen. This is a prelude of the backlash that is going to occur against golbugz and anti-government loonies across the world. Your time is coming.
MDBonehead........
Physical gold and silver is purchased because of government loonies..
Get it right, please...
You are making us look very bad here...
Which is it, do you work for the Fed or the banks?? I love your attempts to misdirect the discussions on topics that touch too close to home.
they were jewish slaves
Gold Is For Jewish Families To Sew Into Their GarmentsIt was given to them. Exodus 12:35-36, "The Israelites did as Moses instructed and asked the Egyptians for articles of silver and gold and for clothing. The Lord had made the Egyptians favorably disposed toward the people, and they gave them what they asked for; so they plundered the Egyptians."
gave? I thought... lent
Ha! What ever it takes. Just get the fuck out!
Actually YES! Mess with gods people and he will turn your enemies into your footstools. Jealous god hating individuals get upset with this but the truth is the truth. They got ALL their gold and silver from the egyptians the same people who were oppressing them. Who are you oppressing. Think about that very seriously.
Um....yeah. They gave it to them. Plunder is another word for gave it to them, right? And God was cool with it, so no problem there.
Now I get it. Goldman and co...doing Gods work. So that's why they meant.
If I "give" Chuck Schumer a gold brick, do you think he will split for the Death Valley, melt it into an idol and stop bothering us? I'll dive into the lake and get one if he will.
To answer your question.... After re-watching the Charlton Heston movie "The Ten Commandments" for the 40th time, the few traitorous bankers that didn't stay with the losers (Egyptians) left with their gold with the Hebrews. While Moses was up on Mount Sinai talking to God the traitorous bankers took advantage. They bribed a bunch of useless sheeple to keep quiet and beat down the few believers while they built the Golden Calf. Apocolypse followed shortly after, any parallels?
Rumor has it that Moses was...an Egyptian prince, Pharaohs youngest son..and a priest of the mystery schools...and taught the tribe the ancient secrets of alchemy...how to turn nothing into something. Kinda like...say...central banking. Nah, that doesn't make sense.
You're partly right but you're over looking the fact that it was a different time back then,
today the whole world is under Acts 17:30 "In the past God overlooked such ignorance, but now he commands all people everywhere to repent."
key word being in the past.
we are in a different "AGE" and referenced in the Bible are two more to come. Ephesians 2:7.
so when you read of a conspiracy theory that the Georgia guide stones point toward a new age of reason.. well.. they are partly right. but they left out the divine judgement after the close of this age. (which hasn't happened yet)
the thought just occurred to me, perhaps the satanists who built the NWO think that if they can kill all the Christians, God won't have any reason to destroy them, and just leave them alone to live on the earth forever (after they figure out how to transmit their soul from a body to a robot lmao)
They know they are going to lose, not in this life necessarily. They traded their souls for power over this existence which passes in the blink of an eye. Now they are victims of insatiable powerlust. Sure they may live a while as cyborgs with Johnny Mnemonic sized brains (320 GB! WHOA), but the Kingdom of Heaven is coming to Earth. There will be nowhere for them to hide.
ready for some serious tinfoil francis?
Lost Secrets of a Sacred Ark
https://www.youtube.com/watch?v=SZJqLe60pKA
Maybe good tribe in question rehypoth'd a few tombs on the way out of town? I mean, the mummies weren't using it, right? Ain't like its money anyway, so what's the big deal. So why not make a idol out of it and roast a few babies, sing some songs?
IfIwuzarichman.....common, you know the words! Sing along!
LOL, yeah they looted all of egypt through the same scam they're using now and made off with the gold. In their book of scripture they made it sound like they were victims so no one would ever suspect them EVER. JOOZE.
This story about the Jews having been enslaved in Egypt is bunkum invented by Jews in Alexandria who wanted to show the Romans that they had been in Egypt for longer than the Greeks of the city. Egyptians are famous for documenting their history, and there is zero written evidence of the Jews ever having been kept there as prisoners.
The fact is that Western Saudi Arabia ties in much better with locations in the Bible. That was their "promised land". Of course, it does not please the Saudis - who have been studiously bulldozing all historical locations that might give the Israelis an excuse to move there.
Do an internet search and you will see what I mean.
Also, the history of Lebanon is well known and there were no "Canaanites" ever living there.
remember...if you write history, you can write it how you want to see it!!
fact, they weren't slaves.
Apparently there's detailed records of what gold payments were made for the crafting & construction of those pyramids. Just goes to show - slaves don't get paid, yet workers WERE paid. in gold.
Apu is bery bery angry!
He no likee de curry slurpie enema
Thanks knuks.
Now I know what we should do with Ben. Water boarding is too good for his sorry ass.
No, with Ben... we need to think like the Dark Ages...
A red-hot fire poker up the arse!
Nigga please...
I've only inscribed myself with one branding but that taught me enough about the process to know this is a bad idea.
The unbearable flash of pain only lasts a fraction of a second - and then the nerve endings burn off, dulling the pain to a level that is easily withstood with a bit of willpower.
I'd opt for juicing some jalapeños and cayenne, maybe some mustard greens as well. Add glass shards, use as enema.
Edit: Oh. And then, tie the guy on top of a mechanical bull.
no fire ants?
You're too kind
Don't bother replying to MillionDollarBonus. It's a bot.
troll not bot
fembot? hell yeah!
Yes, because this always worked out well before.
Like MDB says..
go long black markets and sharecropping...
You have been warned.
Non-share cropping in my backyard as we speak (though I have been known to give away a good quantity). In fact, in these parts people lock their cars not because we're afraid of theft, but because another neighbor will come by and drop off more zucchini.
Thankfully, seed is super-cheap if you buy it by the pound. For $8 I can either buy 6 tiny packs of lettue seed, or buy a whole pound (about 1,000 packs worth).
Trust me, you'll want this too:
http://foodforeveryone.org/shop/natural-mineral-fertilizers/
results of such use: http://youtube.com/ldsprepper
If the black market doesn't have it, I don't want it. Suits me just fine. I get mine and Benny don't get his.
+1 Priceless...
They will ban Gold coin sales, but they won't ban asbestos.
Or rape for that matter.
Backlash? How is this a backlash? How are they going to police a ban on gold sales, in India of all places? And how do gold coin sales matter to Indians, who prefer a little jewellery with their gold.
Cmon MDB, your satire is usually good enough to fool people sometimes. This post isn't.
BTW I do agree that our time is coming. Just not in the way you say.
Indians have been increasing bullion and coin purchases vs jewellry recently.
Number of articles on the web.
Count me as an anti-government looney you shit head.
Been there and done that.
Got everything stolen from my family in a Latin American country.
Got it all back in the US plus a lot more.
That shit is not going to happen to me again.
So go ahead, make sure that you keep all your wealth in dollars, Treasuries and any and all other dollar denominated assets.
I hope you dont use Verizon.
.
yep. when each member of the family has an EBT card,
it really adds up fast.
I'd like an Irish poem please!
After Prayers, Lie Cold
by C. S. Lewis
Arise my body, my small body, we have striven
Enough, and He is merciful; we are forgiven.
Arise small body, puppet-like and pale, and go,
White as the bed-clothes into bed, and cold as snow,
Undress with small, cold fingers and put out the light,
And be alone, hush'd mortal, in the sacred night,
-A meadow whipt flat with the rain, a cup
Emptied and clean, a garment washed and folded up,
Faded in colour, thinned almost to raggedness
By dirt and by the washing of that dirtiness.
Be not too quickly warm again. Lie cold; consent
To weariness' and pardon's watery element.
Drink up the bitter water, breathe the chilly death;
Soon enough comes the riot of our blood and breath.
I get it, MDB is Baghdad Bob!
Bring it you pussy.
Ditto to bring it you pussy. I'm with Yardfarmer.
disappointing effort.
at least try to sound sincere.
time to get rich, yes, it is coming.
Another 39,500 ounces gold left the Comex yesterday - I wonder whether some of it left the US as a bribe to their friends at the Indian CB?
http://www.cmegroup.com/delivery_reports/Gold_Stocks.xls
Silver, platinum and even palladium all went out the door... : )
Probably mostly headed to China.
to pay interest
on their
US treasurie holdings ...
I just loved it when they panick, they add more sault to injury.
hhhmm...maybe that's why all our indian friend keep asking for Credit Suisse 1 oz gold bars...
Real price discovery solves the problem.
Interesting that India dissuades gold purchases while China encourages it (China being a net producer explain it?). Also, after a massive revaluation Indians would likely dis-hoard and consume some portion of their new wealth, energizing local economies.
Only if they conduct business with gold as the currency. If they start liquidating in exchange for the banks' rupees, then you'll have fiat flooding the economy causing massive inflation. The banks will hoard the gold and the people will dig their own grave.
Fiat must die.
India.guv threw their lot in with the western banks after the wall fell. Massive revaluation is correct. If you are planning on getting your daughter married next year in India your pretty pissed right now, and probably scrambing for some metal as we post. Gold while yes it is hoarded already circulates as defacto money in India. Indians arnt stupid they know a fire sale when they see it, and those daughters are getting older... All these things are a real threat to paper gold so delivery had to be stopped to what is probably the worlds largest community readily accepting gold as a medium of exchange.
China has excess "money", (dollars, whatever they are), and they like the peoples help in "soaking it up and making it go in the mattress". India has a balance of payments defecit; opposite situation; they need all their "Rupees", (whatever they are), in the bank so they can spend them. Which is not in the peoples interest, of course.
Do the opposite as to what the gov't says and does and you will be wealthy healthy and wise!
NEW Chinese Proverb
Pay the government to do your bidding.
-Jamie
Made me laugh with your American citizenisms!
Now that's a new Chinese proverb for you. Alas!
Yeah. They deserve everything that's coming to them.
As my Granny would say,
William, you are a potion, which is similar to a tonic, or something just too useful for words to describe.
A best amonst best! Is he heading down to the SF tenderloin?
he's be relieved of his bling in a hot minute in that hood.
try the castro.
How are you posting these picks from Flickr???? I put the [] around the link and it never works!!! :(
it's the HTML img tag and if you're not a contributor to zerohedge it is blocked from display to stop image-spam. WilliamBanzai7 is a contributor, obviously, and is well trusted to produce non-spam.
hahaha!!! Nice!
"Store of Value," is what my Indian neighbor says.
I read this article and the first thing that came to mind was a famous line from one of the Harry Potter Movies, forget which one (my kid is grown now):
http://www.youtube.com/watch?v=WgLNQiZbivM
Junior Sorceress Hermione Granger: "Whot. An. Idiot."
Other alchemists (at other central banks) are probably thinking the same thing of their banker friends in India.
OT. is the FED expanding QE? http://blogs.wsj.com/economics/2013/06/06/ny-fed-announces-4-firms-for-t...
OT. is the FED expanding QE?
More like expanding their money laundering scheme as this tells me that the FEDS are starting to panic and so it's time to deploy the spackling team for the cracks are beginning to widen.
Beat the rush, panic now.
Stop Indians from buying gold? This will create the Mother of All Black Markets.
It's fucking laughable...
Agreed.
I would venture a guess that coins make up a very small percentage of Au purchases overall anyhow.
Lots of amazing craftsman in that country making gold jewelry for everything from dowries to specialty wedding jewelry to simple daily bling.
Word is there's a golden bhang in the White House Choom Room.
Is it kept next to the tuna scented stogies?
I don't think Reggie Love smells like tuna.
True. Another member of the family might be smokin' 'em these days.
Askin' Indians to stop buying gold (cultural thingamajiggie) is like askin' a Redneck to have a full set of teeth.
Ain't gonna happen.
you're a hoot. but are you sure that's politcally correct?
Yall aint never had no fun if ya got a full set of teeth!
Hey now. I've got all of my teeth. :-)
"It's not called a panic, if you're the first out of the door"
- Margin Call
If this happens here in the States, I am going to go fuckin postal. Democracy my ass. There are no more liberties left in this country when you cant buy what you want with your hard earn money and all they want you to load up on are overvalued equities.
The U.S is not that stupid. When we finally ban it we will offer a 5k reward to anyone who rats out someone who owns any as well.
Lest you forget this: http://www.the-privateer.com/1933-gold-confiscation.html
Done that already and failed.
5K what? NWO bus tokens?
I'm holding out for mag-lev train passes.
not the FEMA monorail?
5k in american idol tickets.
SDRs
Can I get that 5k in gold?
NO!
No, but how about lead...
Janet Nappy's DHS bullets coming straight at you!
LOL. Jurisdiction is 9/10 of the law. Phyz (private) storage outside the jurisdiction is the other 10th. QED.
"Got precious? Got brains? Got balls?" = Rhetorical questions.
Well if we use history as a guide......
Oh, not that again.
@ Divided States: "If this happens here in the States, I am going to go fuckin postal..."
Dude, few are gonna go Postal IMO, because... the 'Club Fed' will do this together. Just like these MFer CBs are taking turns in Synchronized-QE in the fiat pool. They are separating the Club-Fed from other CB's for the Final Showdown: WW3, by the looks of it.
India is a "pussy", when it comes down to it. They (pacifist Buddhists and Hindus) will always do what their Colonial Masters in London or New York tell them to do. Sad but true.
"Hey India, No Gold For You! Maybe golden showers" -Club Fed
You are the real pussy when it comes down to it.
Is that the best you can do, or can you actually compose a complex sentence or diamond paragraph as a rebuttal? Troll!
You call out 2 billion people telling them that some degenerate synagogue groupie is going to give them a 'golden shower' and you call me the troll.
The good ship liberty sailed some time ago. In America, you are now forced by the government to by a product from a private company or pay a fine, er... tax.
Gold, bitchez! And silver too!
Don't forget the ammo!
And beans!
And Turlet Paper... you never know!
SILVER THREE !
Yeah, the take - home from this is:
Silver coins for the Indian Bitchez!
For(int i = 0; i < infinity; i++)
{
Fuck you Chidambaram
}
Stacking silver at less than cost
http://www.visualcapitalist.com/vc-market-intelligence-june-2013
LMAO, best comment ever!
Nah, that'll still stop even if you don't initialize infinity.
Use the tried and true buggy method:
int i = 0;
while (i < infinity)
{
Fuck you Chidambaram
}
Remember to forget to put the i++
LOL
int BANKSTERS=666;
fuck (int x) {you(x);};
you (int x) {fuck(x);};
void main {
fuck(BANKSTERS);
}
If Indian's are as serious about gold as they seem to be I expect to see some Indian central bankers hanging from lamp posts.
They will just go back to smugglung it into Mumbai from the
Gulf states.Worked for centuries.
Tradition you know.
Also the real reason for TSA and scanners at airports.
Some of us are fortunate enough to be a short sea journey away from
some foreign flag islands.
Good point Winston.
Everything worth owning will be contra ban soon enough.
Maybe. But a good friend carries a couple of Kennedy half dollars in a bag of change that he keeps in the same pocket of his bag and has never had any airport security in any country (and that includes India - and they do look for it there I'm told) find the gold coin he carries for "security" in that pocket while on the road....
I got searched by tsa in the states when he wanted to know what the coin-shaped item the xray saw in my carry-on. Turns out I had forgot a casino chip in the pocket of my pants. Pissed me off...
100 oz bars of Silver will be flagged every time. The last few, I take them outside the luggage but still in the tray in a paper bag. They have complimented me on that so they do not have to send it through in a another tray after it comes up on the screen.
Wow. Bullish for Alabama, Mississippi and Florida. Think those gangsta ghetto fucks will part with their grills, though?
I dunno. Big premiums if they do.
Based on this documentary, it looks like smuggling gold from Thailand via Nepal to India has already been done very profitably for quite a while.
How stupid can a politician get? (rhetorical question....)
If the PM of Canada or the Prez of the USA begged everyone to stop buying gold coins, you just know more people would start buying.
My belief is that the people of India trust their government and its fiat currency as much as we trust our leaders in the Europe and North America.
Bullish for gold!
Perhaps after a couple fortnights under a Banyan tree watching the Indian trade deficit explode, the Chinese gold imports explode, and the Japanese currency printing and bond yields exploding... it was deemed wise to shout "Fire!" in a movie theater.
This should be about as fun to watch as Bluto yelling "Food Fight!" in a cafeteria...
You would think the Indian banker dipshits would have learned their lesson from Obama's ham-fisted attempts at preventing Americans from buying guns - see how those RECORD sales are turning out in regards to the intended policy!
Oh, and by the way...GOOOOOOOLD, BITCHEZ!!!
I'd say they're responding to external pressure. As for the comparison with Obummer though, I'd say your perspective is too narrow. Remember, it's never the action itself that's important, but the following reaction. Obummer's gun control stuff is designed not to control guns, but to escalate the battle over them.
In other words, increased gun sales are exactly what they wanted, as it further scares their flock, which then demand that they do even more.
It's nothing but the politics of divide and conquer, as that's the ONLY mechanism that makes government appear necessary. Without a polarized society, nobody would give two shits what ANY politican said (assuming they would even exist anymore).
It's nothing but the politics of divide and conquer, as that's the ONLY mechanism that makes government appear necessary. Without a polarized society, nobody would give two shits what ANYpolitican said (assuming they would even exist anymore).
Precisely.
I agree with you about "action and reaction", but don't have any illusions-- they sure as shit want your guns. It sickens them that free people have guns.
It sickens them that there are free people.
It sickens them that I'm so fucking awesome. Haters.
Idiots. India has 20,000 tonnes bought at very low prices which has added immensely to the wealth of the country. Rs 175 invested in gold in 1965 is worth Rs 90,000 today. All this order will do is to increase smuggling from Dubai and Thailand. Thank God, they did not stop earlier. But India takes its economic marching orders from the US.
I tend to agree with you.
Finance minister P. Chidambaram will get a few zeros added to his Swiss bank accounts. Seymour Hersh revealed that Morarji Desai, the urine-drinking former prime minister of India, had been on the CIA payroll for decades before he became prime minister. Things must be getting serious in the gold markets for the Indian government to take such drastic measures. Buy silver would be my advice to Indians. In any case, smugglers will provide cheaper gold than official sources. Buy more gold before the government hikes the duty to 16%.
The pee drinkers did not do this, man.
I doubt they have 20,000 tons.
Bullish.
Beat me to it.
SAT 400.
Why? If gold is a useless, barbaric relic, the governments should be paying the bullion banks to give it away...
the Grinch is standing atop Mt. Crumpit, with his hand to his ear...